1832 Central Dr · Gary, IN 46407

$70,000

2 bd · 1.0 ba · 725 sqft · SingleFamily public records · 161 Days on market

Built 1952 5,401 sqft lot $97/sqft · at area comps Est $72k · at est.

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.7/15.0
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0

Listing remarks MLS

INVESTORS! INVESTORS! INVESTORS! Add this adorable, tenanted 2 bedroom, 1 bath w/ detached 1.5 car garage with a fenced yard to bolster your portfolio. For those who are looking for a great investment property to add or someone looking to begin investing, its a great addition either way. The property is located near major highways, I-65 & the I-90 toll road, for travel or commuting. PLEASE ASK YOUR PREFERRED LENDER ABOUT YOUR DSCR LOAN OPTIONS

Key facts

• Fenced yard
• Near major highways
• 5,401 sq ft lot

Tags

• DETACHED 1.5 CAR GARAGE
• FENCED YARD
• NEAR MAJOR HIGHWAYS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 9.1% in Gary — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#105 in IN) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment F.
• Gary Community School Corporation (urban): math 3% / reading 11% proficiency, ranked #299 of 301 in IN (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 121 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• At $1,191/mo this rent would consume 50% of the median local household income ($29k/yr) (locally 392% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($484 loan paydown + $686 appreciation (1.0% local appreciation)).
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $40k; list at $70k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.70% ✓
• Cap rate: 13.85%
• Cash-on-cash: 26.97%
• DSCR: 2.20
• GRM: 4.9

CMA / ARV

• ARV (median comp): $71,880
• List price: $70,000
• Delta: -2.62%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1824 Central Dr	0.01mi	2/1.0	725 (0%)	2mo	$101,000	$139	98
1819 Illinois St	0.08mi	2/1.0	725 (0%)	11mo	$55,000	$76	87
2237 E 19th Pl	0.31mi	2/1.0	725 (0%)	12mo	$83,000	$114	76
2204 Central Dr	0.26mi	2/1.0	775 (+7%)	8mo	$70,000	$90	70
2224 E 20th Ave	0.35mi	2/1.0	780 (+8%)	2mo	$10,000	$13	69
2216 E 21st Ave	0.39mi	2/1.0	780 (+8%)	4mo	$12,000	$15	66
1954 Central Dr	0.10mi	3/1.0 (+1)	825 (+14%)	2mo	$128,000	$155	65
2109 Central Dr	0.22mi	2/1.0	775 (+7%)	19mo	$70,000	$90	62
1101 E 16th Ave	0.46mi	2/1.0	720 (-1%)	20mo	$40,000	$56	61
2244 Kentucky St	0.68mi	2/1.0	672 (-7%)	4mo	$16,000	$24	53
2254 Tennessee St	0.64mi	2/1.0	672 (-7%)	11mo	$17,500	$26	49
2131 Kentucky St	0.55mi	3/1.0 (+1)	804 (+11%)	9mo	$20,000	$25	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 2.50×
• Total profit: $29,328
• Equity at exit: $23,823

10-year hold

• IRR: 31.8%
• Equity multiple: 4.82×
• Total profit: $74,844
• Equity at exit: $31,601

Cash invested: $19,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46407

• Home prices YoY: 0.4%
• Active inventory: 121
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,191 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$104 /mo · $1,252/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $441

Break-even live

Break-even rent $634

Max offer price $70,000

Occupancy floor 58%

Sensitivity live

Price	-10% $480	-5% $460	+0% $441	+5% $421	+10% $401
Rent	-10% $346	-5% $394	+0% $441	+5% $488	+10% $535
Rate	-1.0pp $476	-0.5pp $458	base $441	+0.5pp $422	+1.0pp $404

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1843 Illinois St Gary, IN	2.0	1.0	725	$1,200	$1.66	17d	1	0.10mi
2355 Rhode Island St Gary, IN	2.0	1.0	701	$1,095	$1.56	44d	1	0.86mi
1316 Delaware St Unit 2 Gary, IN	2.0	1.0	700	$950	$1.36	21d	1	0.96mi
2453 Prospect St Gary, IN	2.0	1.0	704	$1,095	$1.56	1d	1	1.01mi

Listing history 29 events

1. 2026-06-18
   days on market $70,000 Active 161 DOM
2. 2026-06-17
   days on market $70,000 Active 160 DOM
3. 2026-06-16
   days on market $70,000 Active 159 DOM
4. 2026-06-15
   days on market $70,000 Active 158 DOM
5. 2026-06-13
   days on market $70,000 Active 156 DOM
6. 2026-06-13
   days on market $70,000 Active 155 DOM
7. 2026-06-09
   days on market $70,000 Active 152 DOM
8. 2026-06-08
   days on market $70,000 Active 151 DOM
9. 2026-06-07
   days on market $70,000 Active 150 DOM
10. 2026-06-04
    days on market $70,000 Active 147 DOM
11. 2026-06-03
    days on market $70,000 Active 146 DOM
12. 2026-06-02
    days on market $70,000 Active 145 DOM
13. 2026-06-01
    days on market $70,000 Active 144 DOM
14. 2026-05-31
    days on market $70,000 Active 143 DOM
15. 2026-01-08
    listed $70,000 Active 453-char remark

    Show marketing remark (453 chars)

    INVESTORS! INVESTORS! INVESTORS! Add this adorable, tenanted 2 bedroom, 1 bath w/ detached 1.5 car garage with a fenced yard to bolster your portfolio. For those who are looking for a great investment property to add or someone looking to begin investing, its a great addition either way. The property is located near major highways, I-65 & the I-90 toll road, for travel or commuting. PLEASE ASK YOUR PREFERRED LENDER ABOUT YOUR DSCR LOAN OPTIONS

16. 2023-12-31
    historical
17. 2023-10-31
    price $59,775
18. 2023-09-19
    price $59,777
19. 2023-09-13
    listed $56,777 Active
20. 2023-02-16
    soldstatus $40,000 Closed
21. 2023-02-01
    listed Active Under Contract
22. 2023-02-01
    historical
23. 2023-01-31
    listed $52,900
24. 2022-10-25
    price $52,900
25. 2022-10-24
    listed $55,000 Active
26. 2019-11-19
    soldstatus $17,000
27. 2019-10-04
    listed $20,900
28. 2016-11-03
    historical
29. 2015-11-03
    listed $17,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,252 · $104/mo
• Projected year-2 tax: $1,252 · $104/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,296
• − Mortgage interest: −$3,921
• − Property taxes: −$1,252
• − Insurance: −$350
• − Repairs & maintenance: −$1,144
• − Management: −$1,144
• − Depreciation: −$2,036
• Taxable income: $4,449
• Est. tax owed @ 24.0%: −$1,068
• After-tax cash flow: $4,219/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Gary Community School Corporation
• NCES district ID: 1803870
• Math proficiency: 3% ▼ -10.00%
• Reading proficiency: 11% ▼ -6.00%
• Median HH income: $27,739
• Composite: 4.98/100
• National rank: #10039
• State rank: #299 of 301 in IN

Livability — Gary

• Score: 73/100
• State rank: #105
• US rank: #5592

Category grades

Amenities C+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety B- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gary, IN
• County: Lake County · 422,878 people
• City population: 63,701
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 8,577
• Household income: $28,526
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 392.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 3% White 2% Two or more races 1%
• Common ancestry: Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.98%
• Current HPI: 253.2856
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+291.1% since first listed

15 events — show timeline

• 2026-01-08 Listed $70,000 NIRA MLS as Distributed by MLS Grid
• 2023-12-31 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-10-31 Price Changed $59,775 NIRA MLS as Distributed by MLS Grid
• 2023-09-19 Price Changed $59,777 NIRA MLS as Distributed by MLS Grid
• 2023-09-13 Listed $56,777 NIRA MLS as Distributed by MLS Grid
• 2023-02-16 Sold (MLS) $40,000 NIRA MLS as Distributed by MLS Grid
• 2023-02-01 Listed — NIRA MLS as Distributed by MLS Grid
• 2023-02-01 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-01-31 Listed $52,900 NIRA MLS as Distributed by MLS Grid
• 2022-10-25 Price Changed $52,900 NIRA MLS as Distributed by MLS Grid
• 2022-10-24 Listed $55,000 NIRA MLS as Distributed by MLS Grid
• 2019-11-19 Sold (MLS) $17,000 NIRA MLS as Distributed by MLS Grid
• 2019-10-04 Listed $20,900 NIRA MLS as Distributed by MLS Grid
• 2016-11-03 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2015-11-03 Listed $17,900 NIRA MLS as Distributed by MLS Grid

Property tax history

-3.2%/yr

Latest (2024): $1,252 · -3.1% YoY. Source: county tax records.